Whether you’re purchasing a prefab dwelling. building a new construction home. or planning to fix up an older house. you’re probably excited about the prospect of closing the deal and moving in.
Not so fast. Buying a home is an expensive proposition – the biggest investment that most families ever make. While you aren’t required to cover the entire purchase price up front, you do need to come up with a substantial cash sum before you can close on your house.
You need to worry about common closing costs such as your home inspection. lender appraisal, and title insurance. Taken together, these expenses are nothing to sneeze at – depending on your situation, they can amount to anywhere from 3% to 6% of the total purchase price. In buyers’ markets. you might have luck convincing your seller to pay some closing costs. but that’s far from guaranteed.
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